All Forum Posts by: Andrew Truong

Quote from @Randall Alan:

If you have a binding contract, the seller typically has to sell you the property.  You can technically force them to do this - although you would have to take them to court.  Is there a reason you want the tenants out?  Having "instant cashflow" isn't always a bad deal.  I can think of reasons you might want it empty - to renovate it perhaps.  But you can always raise the rent on the current renters if you want to when you do a renewal.  

The fact that he doesn't want to sign the new addendum means it doesn't exist.  You are stuck with the last deal he signed.  If he doesn't follow through I would think that you would at least get your deposit back if you weren't the one to back out.  It might be in this hot market that he has received a better offer and he is just trying to get you to back out.  Hard to say.  You need to lean on your realtor to both support you by telling you what your options are, and have him act proactively on your behalf to communicate your wishes to the seller.

All the best!

Randy

The current tenant is paying very low $900/month and doesn't seem to keep the property in good condition. I want to do a little bit of renovation to boost the rent. Seeing how shady my agent is I do not want this deal anymore and rather keep my cash to invest somewhere else. I have feeling that my agent and seller agent are working against me. I worked with different agents before and never had such feeling. Right now the seller has 2 addendums that he not yet signed (I already signed them). 1st addendum is to settle on 3/31. I wanted this date so that he can send the notice of termination to the tenant. 2nd addendum is 6/1 so they can deliver the house vacant an also after sending the 1st addendum, they told me seller cannot be present to settle. The agent I have is very bad. I have no knowledge of the seller not signing anything until today when I ask for it.  

Hello Everyone,

Im currently in a sticky situation with a property Im buying. Back in February I offered a property at 160k. The owner accepted so I sent in the deposit and order inspection and all that. The house is also occupied by tenants and the lease expiring on 03/31. We supposed to be at the settlement on 3/15/22. Being a rookie i forgot to put in a contingency that I want the house delivered vacant.   Therefore, I asked the seller to send a notice of termination to the tenant and extended the settlement date to 3/31. After going back and forth with the seller agent, he agreed to do that. So we signed the addendum to have the settlement date move to 3/31. Couple days later, my agent told me the owner stucked in china and cannot make it on 3/31. We also agreed to move the settlement date to 6/1 but this time i make sure we put the contingency that unless the house is vacant if not I will back out and get my money back. Then today my agent told me the owner refused to sign the 6/1 settlement addendum. I asked my agent if they signed the 3/31 or 6/1 extension addendum and found out they didn’t sign either of them. The whole time I have bad feeling about my own agent. It seems like he’s working with the seller’s agent to get thru this deal for his commission. Everytime I asked him to do something for me, instead of doing it, he comes up with different answers that i cant understand trying to get me to buy this house. My question is how can I back out of this deal and get my money back? It’s very confusing at this point to me. 

I think I only have couple options.

1. since my paperwork is not finished. Can I just wait it out until after 3/15 for the contract to be automatically terminated so I can  get my deposit back?

2. Force the seller to settle the house on 3/31 if the seller can not be present to sign, I can Get my deposit back.

3. If the seller agree to sign the addendum extend settlement to 6/1 and the house is not vacant on that day. I can back out and get my deposit back. 

4. Just back out and lose the deposit 

Thank you for any advices